Santander mortgage interest rate cuts 'great news for borrowers'

Date:Tuesday 31st August 2010
Author: Susanna Kavka

The drop in interest on several Santander mortgage products should be well received by consumers, according to a source at the company.

A spokesperson explained that the firm aims to provide enough variety so that people can find a deal within its range to suit their circumstances, but a drop in interest rates is always good news for customers.

They made these comments after Santander mortgages announced that it dropped the interest by up to 0.24 per cent on certain two, four and five-year fixed-rate deals from Friday August 27th.

"Whether they're looking to remortgage or purchase a house, we have some extremely competitive deals in our range," added the spokesperson.

As well as the interest rate cuts, Santander also announced the launch of a number of new products, such as the two-year fixed-rate mortgage at 3.9 per cent interest for up to 75 per cent loan to value.

This month, the same company revealed that the average length of time people are signed up to the same bank account is longer than the average personal relationship.